Lending Policy and Guidelines
We will do everything we can to understand your situation so that we can make the best decisions possible regarding your loan application. This means we will have to ask you questions about your circumstances and your financial position. We will keep all of your personal information confidential. So that we can understand your circumstances, we will ask you questions about your:
- Income or benefits (including whether you have a full-time, part-time, or casual job)
- Fixed expenses (such as rent, repayment of other debts, child support, and monthly or yearly expenses such as insurance)
- Other expenses that come up from time to time, and any special or unusual circumstances that might change your ability to repay a loan
- Existing loans and whether your new loan will be used to repay your existing loans
- Credit history
- Personal circumstances, including your age, and the number of people who are financially dependent on you. Note, we do not lend to people under the age of 18.
You will need to give us proof of your financial situation. Types of proof include:
- payslips and bank statements
- identity documents that include your photograph (such as a passport or driver license)
- other checks, such as with other lenders, especially if any information or documents you provide do not match.
So that we can understand your needs and goals, we will ask you questions such as:
- the amount you would like to borrow
- the date you need the money and how long you need it for
- what you need the money for
When you have answered these questions, we will determine if our type of loan will suit you best. Is a loan right for you right now? We need to work out if you are able to repay a loan. We might decide not to give you a loan if we believe that:
- you would not be able to repay a loan
- you would find it extremely hard to repay a loan
- the type of loan you have asked for will not meet your needs or goals.
Do you understand everything about taking out a loan? We will do our best to make sure you understand and/or have agreed on the following. This information will be given at the time you apply for the loan:
- everything about getting a loan before you sign the contract, including your rights and responsibilities.
- the terms, conditions, interest rates, and fees
- the risks that come with having a loan, and the results of not repaying it.
What happens if things go wrong? If you have trouble repaying your loan, please contact us as soon as possible. We will do our best to:
- treat you reasonably if you miss a payment. This might include renegotiating the terms of your loan, if this is possible
- work with you to find solutions if you are having problems with your money, or suddenly face hardship. This might include referring you to someone who can give you advice about how best to manage your money.
- refer you to a budget advisor and work with the budget advisor if you ask for that
- help you to deal with any social service provider (such as Work and Income New Zealand) if you ask for that.
Lending Advice Video
Not sure if you should get a loan? Look at the videos called “It’s all good” from the NZ Commerce Commission which explain your rights. It’s all good